Burning Rock Biotech (BNR) Q4 2025 earnings summary

Executive summary

• Achieved positive operating cash flow in 4Q25 (RMB 23.0 million), reversing prior negative trends.

• Full-year revenue grew 4.6% year-over-year to RMB 539.6 million, with Q4 revenue stable at RMB 126.3 million.

• Net loss narrowed significantly to RMB 55.3 million for FY25 from RMB 346.6 million in FY24, and to RMB 15.4 million in 4Q25 from RMB 81.3 million in 4Q24.

• Major cost reductions across R&D, selling, and administrative expenses due to reorganization and budget controls.

• Granted a core US patent for proprietary ELSA-seq technology and advanced clinical validation for MRD and early detection products.

Financial highlights

• Q4 2025 gross profit rose 10.2% year-over-year to RMB 98.6 million, with gross margin improving to 78% from 71%.

• Full-year 2025 gross profit increased to RMB 402.9 million, with gross margin up to 74.7% from 70.3% in 2024.

• Mainland China revenues grew 22% year-over-year in 4Q25, while overseas revenues declined 46%.

• Pharma R&D revenues increased 34% year-over-year for FY25, now accounting for 30% of total revenue.

• Operating expenses decreased 35% year-over-year in 4Q25, with R&D down 33%, S&M down 6%, and G&A down 15%.

Outlook and guidance

• Management highlighted ongoing transition toward in-hospital testing and pharma R&D services, with continued focus on cost optimization and operational efficiency.

• Continued focus on cost control, sales efficiency, and disciplined R&D investment expected to drive further profitability.

• Forward-looking statements caution about risks and uncertainties due to market and operating conditions.